Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is

A. ₦55,570
B. ₦36,320  
C. ₦50,000
D. ₦30,000

Show Answer Show Explanation

Correct Answer: B